Reliance Industries is not slowing down. The stock popped over $1$ percent today, hitting a fresh 52-week high of $₹1,580$. That extends the year-to-date gain to a massive $29$ percent, completely burying the Nifty 50’s $10.5$ percent return in the same period. Their market cap is now sitting at a huge $₹21.35$ lakh crore.
This massive jump followed Jefferies reiterating its bullish view. They didn’t just maintain it—they have a ‘buy’ call with a target price of $₹1,785$ per share. That implies an upside of over $14$ percent from where the stock is trading right now.
The Three-Part Engine
Jefferies is pointing to a rare convergence of growth engines. All three of RIL’s core businesses are delivering double-digit growth right from the start of FY26.
Digital Services (Jio): The telecom segment is expected to see further upside. And here’s the kicker—Jefferies notes the impending Jio IPO (expected in H1 2026) could actually prompt tariff intervention (read: hikes) in the near term. Rising tariffs mean juicier valuations.
Retail: This includes their fast-moving consumer goods (FMCG) business. Jefferies believes this segment is ripe for stronger recognition and a much higher valuation in 2026 as it scales up its presence, benefiting from strong festive demand.
Oil-to-Chemicals (O2C): This segment, which was seen as a drag, is now recovering strongly. JP Morgan, another optimistic brokerage, is saying the weakness seen through FY24-25 is “now behind the company,” citing firm refining margins that leave room for earnings upgrades.
The Value Unlocking Catalysts
The analysts are piling on, and it’s because RIL has a stack of major, quantifiable events coming up. It’s not just a hope-and-a-prayer call.
Jio IPO: Chairman Mukesh Ambani has confirmed preparations for the listing in the first half of 2026. This is the biggest value-unlocking event the market has been waiting for, with some reports suggesting a valuation up to $170$ billion.
New Energy: Motilal Oswal just raised its price target after incorporating the battery manufacturing vertical into its model. UBS is citing insulated crude sourcing and firm refining margins as a cushion. The new energy plans and the big data-centre partnership with Google offer huge optionality that the market isn’t fully pricing in yet.
Favourable Valuation: Despite the huge run, the RIL stock continues to trade below its long-term mean EV/EBITDA multiple. That’s why the risk-reward ratio is still seen as highly favourable.
The consensus is clear: the average analyst rating is still ‘buy’, with a median target price of $₹1,685$. The momentum is strong, and the operational improvements are translating directly into market confidence.
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